The NZD/USD pair rose initially during the Wednesday session, but turned around in the middle of the day to finish much lower. The candle that formed looks very bearish, but the trend is up. Now the real question is whether or not we are starting to turn the trend around, or are we heading for a pullback at this point? In our opinion, it is the latter of the two. Because of this, we are looking to see the Kiwi pullback and find support. The 0.82, 0.81, and most certainly the 0.80 levels are all good candidates for support zones, and we will look for candles to buy at those levels.

NZD/USD

NZD/USD Forecast March 1, 2012, Technical Analysis

NZD/USD Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
0.8175
0.8248
0.8289
0.8362
0.8403
0.8476
0.8517

 Fibonacci
0.8248
0.8292
0.8319
0.8362
0.8406
0.8433
0.8476

 Camarilla
0.8298
0.8309
0.8319
0.8362
0.8340
0.8350
0.8361

 Woodie's
-
0.8240
0.8272
0.8354
0.8386
0.8468
-

 DeMark's
-
-
0.8383
0.8352
0.8269
-
-